GBP/USD Daily Forecast – 26 January

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Monday, Jan 25 2016

After initial incline and break above 1.43 handle, Sterling find this area to be resistive enough in order to pullback all the way to 1.4220 area where it found some amount of support, but formed shooting star as a daily candle, which is of course a negative sign. With no major data releases we expect a bit steadier session tomorrow in which resistive candles around 1.43 handle would offer short-term selling opportunity, while supportive candles around 1.42 level would be short-term buying signal.

Long-term looking, pair did broke to the new lows during the last week and we believe that pair will head towards 1.40 handle given enough time. Dovish comments regarding interest rates added additional bearish pressure to the pair which is quite strong, and Governor Carney is due to speak tomorrow as well. With that being the case, we have no interest in buying this pair at the moment, with 1.45 handle offering significant amount of resistance.

More in this category: « AUD/USD Daily Forecast – 26 January EUR/USD Daily Forecast – 26 January »

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